Image Reit — Interim / Quarterly Report 2025

Mar 2, 2026

	Page No.
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d Other Comprehensive	6
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y	8
ents	9

Company Information

Board of Directors:	Ms. Marium Ahmad Mr. Asad Ahmad Mr. Anjum Adil	Non-Executive Director Executive Director Chief Executive
Auditors:	M/s. Crowe Hussain Chaudhury & Co. Chartered Accountants
Audit Committee:	Ms. Marium Ahmad Mr. Asad Ahmad Mr. Anjum Adil	Chairman Member Member
Shariah Advisor:	Alhamd Shariah Advisory Services (Pvt) Ltd.
Bankers:	Meezan Bank Ltd. United Bank Ltd.
Registered Office:	A/33, Central Commercial Area, Block 7/8, KCHSU, Karachi.
Management Company:	Sinolink REIT Management Co., Ltd.

ŝƌĞĐƚŽƌƐ͛ZĞƉŽƌƚ &ŽƌƚŚĞŚĂůĨLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϱ

Profit before change in fair value of investment property 45,517,257 26,263,649

	Six months ended
	December 31,	December 31,
	2025	2024
Revenue	55,221,600	32,362,176
Administrative expenses	(6,272,764)	(6,180,481)
Net operating profit	48,948,836	26,181,695
Other income	14,348,154	81,954
Management fee	(17,248,203)	-
Trustee fee	(462,200)	-
Sindh sales tax on trustee fee	(69,330)	-
Profit before change in fair value of investment property	45,517,257	26,263,649
Unrealised gain on remeasurement of fair value of investment property	275,000,000
Profit before tax	320,517,257	169,900,319 196,163,968
Taxation	-	-
Profit for the year	320,517,257	196,163,968
Other comprehensive income	-	-
Total comprehensive income for the period	320,517,257	196,163,968
Earnings per unit - basic and diluted	1.162	1.067

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dŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ǀĂůƵĞƌ ŚĂƐ ŝƐƐƵĞĚ ƚŚĞ ƐĞŵŝͲĂŶŶƵĂů ƌĞƉŽƌƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĂƉƉƌŽǀĞĚ ǀĂůƵĂƚŝŽŶ ŵĞƚŚŽĚŽůŽŐLJĂŶĚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚ͘

KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ

ŶũƵŵĚŝů ƐĂĚ ŚŵĂĚ ŚŝĞĨdžĞĐƵƚŝǀĞ ŝƌĞĐƚŽƌ

WůĂĐĞ͗<ĂƌĂĐŚŝ͘ ĂƚĞĚ͗&ĞďƌƵĂƌLJϮϲ͕ϮϬϮϲ /ŵĂŐĞZ/dͮ,ĂůĨzĞĂƌůLJZĞƉŽƌƚϮϬϮϱ

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE UNITHOLDERS OF IMAGE REIT REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

Opinion

We have reviewed the accompanying condensed interim statement of financial position of Image REIT ("the Scheme'') as at December 31, 2025 and the related condensed interim statement of profit or loss and comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the condensed interim financial statements for the six-months period then ended (here-inafter referred to as the "condensed interim financial statements"). The Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with approved accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements as at and for the half year ended December 31, 2025 are not prepared, in all material respects, in accordance with the approved accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Other Matter

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Scheme. Accordingly, the figures of the condensed interim statement of profit or loss and comprehensive income for the three months period ended December 31, 2025 have not been reviewed by us.

The engagement partner on the review resulting in this independent auditor's report is Imran Shaikh.

sd/- Crowe Hussain Chaudhury & Co. Chartered Accountants Place: Karachi Date: February 26, 2026 UDIN: RR202510207IxEL0rnMp

4

Shariah Review Report

For the period ended on December 2025

In the capacity of the Shariah Advisor, we have conducted the Shariah review of Image REIT (the REIT) for the period ended on December 2025 and in our opinion, the documentations, agreements and process flows, are in accordance with rules and principles of Shariah. Therefore, we confirm that the REIT is Shariah-compliant.

In the end; we would like to take this opportunity to express our wishes for further progress, development, and prosperity of Image REIT. We pray to Allah Almighty to grant us success and keep us away from every hindrance and difficulty and give financial success to Image REIT.

For and on behalf of Alhamd Shariah Advisory Services Private Limited

Mufti Ibrahim Essa Mufti Uzair Bilwani Chief Executive Officer Executive Director

Dated: 28 February 2026

/ŵĂŐĞZ/dͮ,ĂůĨzĞĂƌůLJZĞƉŽƌƚϮϬϮϱ

ASSETS

Non-current assets

Current assets

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2025

		Unaudited December 31, 2 0 2 5	Audited June 30, 2 0 2 5
	Note	-----------Rupees-----------
ASSETS
Non-current assets
Capital work in progress	6	185,629,851	-
Investment property	7	2,654,036,000	2,379,036,000
Preliminary expenses and floatation costs	8	26,198,748	-
		2,865,864,599	2,379,036,000
Current assets
Receivables	9	5,626,120	6,178,600
Other receivables and deposits		2,578,686	134,452
Bank balances	10	701,116,585	34,365,118
		709,321,391	40,678,170
Total assets		3,575,185,990	2,419,714,170
UNIT HOLDERS' FUND AND LIABILITIES
Unit holders' fund
Represented By:
Issued, subscribed and paid-up units (275,858,500 units of Rs.10
each)	11	2,758,585,000	1,838,430,330
Capital reserves	12	772,122,650	496,247,239
Revenue reserve		24,798,270	63,848,806
Total unit holders' fund		3,555,505,920	2,398,526,375
LIABILITIES
Current liabilities Provision for taxation		-	-
Payable to REIT Management Company	13	13,676,466	3,881,170
Accrued expenses		2,099,604	13,402,625
Security deposit		3,904,000	3,904,000
Total liabilities		19,680,070	21,187,795
Total unit holders' fund and liabilities		3,575,185,990	2,419,714,170
Net assets value per unit		12.89	13.05
Contingencies and commitments	15

The annexed notes from 1 to 20 form an integral part of these financial statements.

For Sinolink REIT Management Limited (REIT Management Company)

_______________________ _______________________ _______________________ Chief Executive Director Chief Financial Officer

FOR THE SIX MONTHS ENDED DECEMBER 31, 2025

		Six months ended		Quarter ended
		December 31,	December 31,	December 31, December 31,
	Note	2025	2024	2025	2024
			-----------Rupees-----------
Revenue		55,221,600	32,362,176	27,610,800 16,181,088
Administrative expenses			(6,272,764) (6,180,481)		(2,089,336) (4,091,938)
Net operating profit		48,948,836	26,181,695	25,521,464 12,089,150
Other income		14,348,154	81,954	14,346,247	9,407
Management fee		(17,248,203)	-	(10,354,089)	-
Trustee fee		(462,200)	-	(231,100)	-
Sindh sales tax on trustee fee		(69,330)	-	(34,665)
Profit before change in fair value of investment property		45,517,257	26,263,649	29,247,857 12,098,557
Unrealised gain on remeasurement of fair value of
investment property		275,000,000 169,900,319		275,000,000	169,900,319
Profit before tax		320,517,257 196,163,968		304,247,857	181,998,876
Taxation	16	-	-	-	-
Profit for the year		320,517,257 196,163,968		304,247,857	181,998,876
Other comprehensive income		-	-	-	-
Total comprehensive income for the period		320,517,257 196,163,968		304,247,857	181,998,876
Earning per unit - basic and diluted		1.162	1.067	1.103	0.990

The annexed notes from 1 to 20 form an integral part of these financial statements.

(REIT Management Company) For Sinolink REIT Management Limited

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

_______________________ _______________________ _______________________ Chief Executive Director Chief Financial Officer

/ŵĂŐĞZ/dͮ,ĂůĨzĞĂƌůLJZĞƉŽƌƚϮϬϮϱ

Working Capital Changes:

(Decrease)/Increase in current liabilities:

Net cash generated from operating activities 15,919,031 52,842,498

CONDENSED INTERIM STATEMENT OF CASH FLOW (UN-AUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025

CASH FLOW FROM INVESTING ACTIVITIES

	Six months ended
	December 31, 2025	December 31, 2024
	-----------Rupees-----------
CASH FLOW FROM OPERATING ACTIVITIES
Profit for the year	320,517,257	196,163,968
Adjustment for non-cash and other items:
Unrealised gain on remeasurement of fair value of investment property
	(275,000,000)	(169,900,319)
	45,517,257	26,263,649
Working Capital Changes:
(Increase)/Decrease in current assets:
Other receivables and deposits	(2,444,233)	(102,293)
Receivables	552,480	18,363,472
Preliminary expenses and floatation costs	(26,198,748)	-
	(28,090,501)	18,261,179
(Decrease)/Increase in current liabilities:
Payable to the REIT Management Company	9,795,296	775,615
Accrued expenses	(11,303,021)	(3,204,977)
Other liabilities	-	7,345,880
Advance from customers	-	2,401,152
Security deposit	-	1,000,000
	(1,507,725)	8,317,670
Net cash generated from operating activities	15,919,031	52,842,498
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of investment property	-	(31,738,681)
Addition to capital work in progress	(185,629,851)	-
Net cash used in investing activities	(185,629,851)	(31,738,681)
CASH FLOW FROM FINANCING ACTIVITIES
Issue of units	920,154,670	-
Certificate premium	875,411
Dividend paid	(84,567,794)	(32,172,530)
Net cash generated / (used) in financing activities	836,462,287	(32,172,530)
Net increase/(decrease) in cash and cash equivalents	666,751,467	(11,068,713)
Cash and cash equivalents at the beginning of the period	34,365,118	11,160,372
Cash and cash equivalents at the end of the year	701,116,585	91,659
The annexed notes from 1 to 20 form an integral part of these financial statements.

CASH FLOW FROM OPERATING ACTIVITIES
Profit for the year	320,517,257	196,163,968
Adjustment for non-cash and other items:
Unrealised gain on remeasurement of fair value of investment property

For Sinolink REIT Management Limited (REIT Management Company)

_______________________ _______________________ _______________________ Chief Executive Director Chief Financial Officer

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025

1 STATUS AND NATURE OF THE BUSINESS

2 BASIS OF PREPARATION

2.1 Statement of Compliance

1.1 Legal status and operations

These condensed financial statements do not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual audited financial statements of the REIT for the year

Image REIT ("the Scheme") was established under Trust Deed, dated 1 July 2022, executed between SINOLINK REIT Management Limited, as the REIT Management Company (RMC) and Central Depository Company of Pakistan Limited (CDCPL), as the Trustee. The Scheme is governed under the Real Estate Investment Trust Regulations, 2022 (Previously REIT Regulations, 2015), promulgated and amended from time to time by the Securities & Exchange Commission of Pakistan (SECP).

The Trust Deed of the Scheme was registered on 1 July 2022 whereas approval of the registration of the REIT Scheme was granted by the SECP on 7 March 2023. The Scheme is a perpetual, closed-ended, shariah compliant Hybrid REIT. Image REIT was listed at Pakistan Stock Exchange on 6th October, 2025.

• International Accounting Standard IAS 34 'Interim Financial Reporting' issued by International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 ;
• Ordinance 1984; and
• The Real Estate Investment Trust Regulations 2022 (REIT Regulations, 2022).

The registered office of the REIT Management Company is situated at 6th Floor, Image Tower, A/33, Central Commercial Area, Block 7/8, Karachi Co-operative Housing Societies Union, Karachi. The objective of the REIT Scheme is making investments in real estate, which comprises constructed premises as well as land to be acquired with the objective of development and construction of building on it and then letting on rent and / or selling them for the purpose of generating income of the Scheme.

• 2.2 ended June 30, 2025.
• 2.3 statement of changes in Unit Holders' fund and notes to the financial statements are not comparable.

2.4 Basis of measurement

These condensed financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprises of:

Provisions of and directives issued under the Companies Act, 2017 and Part VIII A of the repealed Companies

Where the provisions of and directives issued under the Companies Act, 2017, Part VIII A of the repealed Companies Ordinance, 1984 and REIT Regulations, 2022 differ from the IFRS Standards, the provisions of and directives issued under Companies Act, 2017 and REIT Regulations, 2022 have been followed.

These condensed financial statements are prepared for the period covering six months ended on December 31, 2025. Since the audited comparative figures are available for the year ended June 30, 2025, the same have been disclosed as comparatives and balances in statement of profit or loss and other comprehensive income, statement of cash flows,

These financial statements have been prepared under the historical cost convention except for investment property, which has been measured at the fair value.

/ŵĂŐĞZ/dͮ,ĂůĨzĞĂƌůLJZĞƉŽƌƚϮϬϮϱ

CONDENSED INTERIM STATEMENT OF CHANGES IN UNIT HOLDERS' FUND (UN-AUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025

The annexed notes from 1 to 20 form an integral part of these financial statements.

			Reserves Capital reserves	Revenue reserves
	Issued, subscribed and paid-up units	Certificate Premium 12.1	Fair value reserve 12.2	Accumulated profit/(loss)	Total unit holders' fund
				---------------------------------------Rupees---------------------------------------
Balance as at June 30, 2024	1,838,430,330	-	199,944,920	34,389,269	2,072,764,519
Total comprehensive income for the year Unrealised gain on remeasurement of fair value of investment property	- -	-	- 296,302,319	357,934,387 (296,302,319)	357,934,387 -
Final dividend for the year ended June 30, 2024	-		- -	(32,172,530)	(32,172,530)
Balance as at June 30, 2025	1,838,430,330		- 496,247,239 -	63,848,807	2,398,526,376
Profit for the period Units issued during the period	- 920,154,670	-	-	320,517,257 -	320,517,257 920,154,670
Unrealised gain on remeasurement of fair value of investment property	-	-	275,000,000	(275,000,000)	-
Total comprehensive income for the period	-	-	275,000,000	45,517,257	320,517,257
Certificate premium	-	875,411	-	-	875,411
Final dividend for the year ended June 30, 2025	-		- -	(60,668,200)	(60,668,200)
Interim dividend for the quarter ended September 30, 2025	-	-	-	(23,899,594)	(23,899,594)
Balance as at December 31, 2025	2,758,585,000	875,411	771,247,239	24,798,270	3,555,505,920

For Sinolink REIT Management Limited

(REIT Management Company)

_______________________ _______________________ _______________________ Chief Executive Director Chief Financial Officer

4 USE OF ESTIMATES AND JUDGEMENTS

5 FINANCIAL RISK MANAGEMENT

		Note	December 31, 2025	June 30, 2025
6	CAPITAL WORK IN PROGRESS		-------Rupees-------
	Advance to contractor	6.1	185,629,851	-

		Note	December 31, 2025	June 30, 2025
7	INVESTMENT PROPERTY			-------Rupees-------
	Carrying amount- opening balance Addition to investment property	7.1	2,379,036,000 -	2,050,995,000 31,738,681
			2,379,036,000	2,082,733,681
	Unrealized gain on remeasurement of fair value of investment property		275,000,000	296,302,319
	Carrying amount at the end of the year		2,654,036,000	2,379,036,000

2.5 Functional and presentation currency

6.1 This represents payment made against construction of the greystructure with complete finishing works for the 2ndto 11th floors of the project at Plot No. 19, D.M.C.H.S., Block 7/8,Tipu Sultan Road, Karachi.

These condensed financial statements are presented in Pakistani Rupees which is the functional and presentation currency of the Scheme. All figures have been rounded off to nearest thousand of rupees unless otherwise stated.

The financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements of the Company for the year ended June 30, 2025.

The accounting policies adopted and the methods of computation of balances used in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the financial statements of the REIT for the year ended June 30, 2025.

3 MATERIAL ACCOUNTING POLICIES INFORMATION

The preparation of these condensed financial statements in conformity with the accounting and reporting standards as applicable in Pakistan for financial reporting that requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgments in application of the REIT's accounting policies. The estimates, judgments and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both the current and future periods. In preparing these financial statements, the significant judgments made by the management in applying the REIT's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied in the annual audited financial statements of the REIT for the year ended June 30, 2025.

/ŵĂŐĞZ/dͮ,ĂůĨzĞĂƌůLJZĞƉŽƌƚϮϬϮϱ

8 PRELIMINARY EXPENSES AND FLOATATION COSTS

Balance at the beginning of the period	29,109,720	-
Amortisation during the period	(2,910,972)	-
Balance at the end of the period	26,198,748	-

10 BANK BALANCES

Ordinary units of Rs.10 each fully paid for cash

consideration 920,154,670 - 2,758,585,000 1,838,430,330

	December 31,	June 30,
Note	2025	2025
		-------Rupees-------

		Note	December 31, 2 0 2 5	June 30, 2 0 2 4
9	RECEIVABLES			-------Rupees-------
	Rent receivable from related parties Less: impairment allowance		5,626,120 -	6,178,600 -
			5,626,120	6,178,600
10	BANK BALANCES
	Cash at bank - Current account		7,881	7,881
	Cash at bank - Savings account	10.1	701,108,704	34,357,237
			701,116,585	34,365,118
	This represents deposit held in rupee savings account with Meezan Bank Limited and United Bank Limited, carrying expected profit rates ranging from 6.70% to 10.00% (2025: 7.0% to 10.01%) per annum.
			December 31,	June 30,
		Note	2025	2025 -------Rupees-------
11	ISSUED, SUBSCRIBED AND PAID-UP UNITS
	Ordinary units of Rs.10 each fully paid for consideration other than cash (against property)
			1,838,430,330	1,838,430,330

• 7.1 It comprises of open resident plot No 24-A/19 comprises of (500 square yards) situated in Block 7 & 8 of Delhi Mercantile Muslim Cooperative Housing Society, Karachi.
• 7.2 It comprises of basement having gross covered area 2,874 square feet, showroom with lift and services area on the ground floor having gross covered area on 1st floor of 2,840 square feet, office on 2nd floor having gross covered area of 2,840 square feet, office on 3rd floor, 4th floor, 5th floor & 6th floor having gross covered area of 2,840 square feet each, on commercial plot No A/33,Survey No C.C 8 A, Survey street no 35-P/1, "Karachi Co Operative Housing Society to Union Limited, Karachi.
• 7.3 Forced sale value of the investment property is assessed at Rs. 2,123 million (June 30, 2024: Rs. 1,903 million)

8.1 This represents preliminary and floatation expenses of the Scheme incurred in connection with the offer for sale, allotment and issuance of units including commission payable to the underwriter, listing fee, underwriting commission and takeup commission, commission to the banker to the issue etc., which are to be amortised by the Scheme over a period of five years.

12 CAPITAL RESERVES

12.1 Premium on issue of units - net

12.2 Fair value reserve

15 CONTINGENCIES AND COMMITMENTS

There has been no change in status of contingencies and commitments reported in the financial statements for the year ended June 30, 2025.

The fair value reserve pertains to cumulative net changes in fair value of investment property which is not free for distribution by way of dividend.

		Note	December 31, 2025	June 30, 2025
				-------Rupees-------
13	PAYABLE TO REIT MANAGEMENT COMPANY
	Payable to REIT management company - related party	13.1	13,676,466	3,881,170
13.1	This includes expenses incurred on behalf of Scheme by RMC.
14	TRANSACTIONS AND BALANCES WITH RELATED PARTIES

Related parties include Sinolink REIT Management Limited being the Management Company, Central Depository Company of Pakistan Limited being the Trustee to the Scheme, Image Pakistan Limited being an associated company, Image Tech Limited being an associated company, First Tri-Star Modaraba being an associated company, Prestige Enterprises (Pvt.) Limited, directors and key executives of the RMC, trustee and promoter of RMC including their close relatives. Transactions with related parties are in the normal course of business, at agreed terms. There are no related parties incorporated outside Pakistan with whom the Scheme had entered into transactions during the year.

This represents premium received amounted to Rs. 875,411 against units issued to the unit holders at a strike price of Rs. 10.01 per unit.

			Transactions Six months ended		Balances
			December 31, December 31, 2025	2024	December 31, 2025	June 30, 2025
Name	Relationship	Nature of Transaction			-----------------------Rupees-----------------------
Image Pakistan Limited	Associated	Rental income		31,884,240 11,996,160
	Undertaking	Rent received	30,636,200	5,296,800		3,537,080 2,289,040
Image Tech Ltd.	Associated	Rental income		13,734,240 11,996,160
	Undertaking	Rent received	13,734,240			2,289,040 2,289,040
First Tri-Star Modarba	Associated	Rental income	9,603,120	4,848,000
	Undertaking	Rent received	11,203,640	4,040,000	-	1,600,520
Prestige Enterprises	Associated
Private Limited	Undertaking	Construction of Grey Structure	185,629,851	-	185,629,851	-
SinoLink REIT	REIT Management	Expenses incurred on behalf of
Management Company	Company	scheme	300	1,138,327	13,676,466 3,881,170
		Management Fee	17,248,203
		Management Fee paid Reimbursement of expenses	6,894,114
		inncurred on behalf of scheme Management fee	559,093 -		-	-
Central Depository	Trustee	Trustee Fee
Company of Pakistan
Limited			271,343	226,000	271,343	-

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16 TAXATION

17 FAIR VALUE OF FINANCIAL INSTRUMENTS

18 CORRESPONDING FIGURES

19 GENERAL

20 DATE OF AUTHORIZATION

The company's financial risk management objectives and policies are consistent with those disclosed in the annual financial statement for the year ended June 30, 2025. There is no change in the nature and corresponding's hierarchies of fair value level of financial instrument from those as disclosed in the audited financial statement of the company for the year ended June 30, 2025.

Figures have been rounded off to nearest rupee.

For Sinolink REIT Management Limited (REIT Management Company)

Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison. No significant reclassifications were made during the period.

The Scheme's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, 2001, subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less than 90% of its accounting income for the year, the income distributed through bonus units shall not be taken into account.

The REIT Management Company intends to distribute more than 90% of the Scheme's accounting income for the year ending 30 June 2026 as reduced by capital gains (whether realised or unrealised) to its unit holders in the form of cash to avail the exemption. Accordingly, no tax provision has been made in these interim financial statements for the period ended 31 December 2025.

These condensed interim financial statements were authorized for issue on February 26, 2026 by the Board of Directors of the REIT Management Company.

Chief Executive Director Chief Financial Officer